According to a source with knowledge of the negotiations, two groups have separated themselves from the pack with their bids. And owner Chris Cohan, the source said, is even more confident now that his franchise will sell for more than $400 million.

Bay Area News Group had previously reported the field was down to four finalists: a group headed by Oracle billionaire Larry Ellison; another led by former 24-Hour Fitness CEO Mark Mastrov; a group headed by Texas-based Wall Street financier David Bonderman; and one that includes Mandalay Entertainment chairman Peter Guber.